8 Dec 2022 09:22

Turkey requesting insurance details for tankers coming from Russia but this procedure not slowing down passage of vessels via Bosporus, Dardanelles - media

ISTANBUL. Dec 8 (Interfax) - Turkey has actually begun to ask for insurance confirmation from Russian oil tankers after a number of countries introduced a Russian oil price cap, but Turkish officials have denied that this measure has created traffic jams in the Bosporus and Dardanelles straits, Turkish media reported on Wednesday.

Hurriyet Daily News says, in particular, that the authorities are actually requesting insurance documents from tankers right now after the G7, the EU and Australia decided on December 5 to impose an upper limit to Russian oil prices at $60 per barrel.

A Turkish public official told Anadolu Agency on the condition of anonymity that "most international insurers" no longer provide insurance coverage for Russian oil shipments. "If an accident occurs in the straight, who's going to cover damages that might amount to billions of dollars?" the news agency quoted the official as saying.

But according to the same official, Western media reports alleging that this measure has created traffic congestions in the straights are false. There has been no tangible change in maritime traffic, and Turkey can take measures "to prevent congestion," if appropriate, the official said.

The new anti-Russian sanction introduced by the West implies banning the companies domiciled in countries participating in the initiative from providing services such as transporting Russian oil by sea, insuring it, providing broker services in respect of the commodity or financing related operations. However, these restrictions do not apply whenever oil is sold at a price equal to or lower than the limit.

Under the deal made by the EU, G7 countries and Australia, the maximum price set for now will change over time.

The earlier decision introducing an embargo on any maritime shipments of Russian oil to the European Union also took effect on December 5.